Shiba Inu Volume Reaches 1.34 Billion SHIB as Price Faces Key Resistance
Shiba Inu (SHIB) recorded 1.34 billion SHIB in trading volume over 24 hours as the cryptocurrency market absorbed the effects of widespread liquidations that wiped out more than $1 billion in leveraged positions. Despite renewed buying interest near recent lows, SHIB remained under pressure, with technical indicators pointing to several resistance levels that could limit its recovery.
The token's latest price movements reflected a market divided between investors seeking lower entry prices and sellers reducing their exposure. Although buyers helped SHIB rebound from its recent low, the recovery attracted considerably less trading volume than the preceding decline, leaving the strength of the upward move uncertain.
SHIB Trading Volume Rises During Market Sell-Off
Shiba Inu fell from $0.00000580 to $0.00000534 over two days as selling pressure dominated the market. Trading volume reached its highest level of the week during a bearish daily candle, indicating increased participation as the token moved lower.
The decline continued until SHIB touched $0.00000510 on Thursday. Buyers subsequently entered the market and pushed the price higher, producing a long lower wick on the candle. The formation suggested buying interest near the lower price level, but the relatively weaker volume during the rebound raised questions about whether the recovery could continue.
The broader market downturn added to the pressure on SHIB, with more than $1 billion in leveraged positions liquidated across cryptocurrencies. The resulting selling activity coincided with increased trading participation as investors reassessed their positions.
Shiba Inu Price Encounters Resistance Near $0.00000549
Technical data placed SHIB near $0.00000534, slightly above its immediate moving average support at $0.00000529. The latest daily candle turned green, suggesting buyers had temporarily defended that level following the recent decline.
However, several moving averages between $0.00000545 and $0.00000549 formed the nearest resistance zone. SHIB also faced a more substantial barrier around $0.00000565, a level the token had been unable to hold during the recent downturn.
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| Source: TradingView |
The relative strength index (RSI) remained around 44, indicating weak momentum without placing SHIB in oversold territory. This reading suggested that the recent rebound had not yet produced a decisive improvement in the token's technical position.
A daily close above $0.00000549 would provide an initial indication of recovery and could open the way toward $0.00000565. If buying pressure strengthened and trading volume supported a sustained advance, traders could then watch the $0.00000580 and $0.00000600 levels.
SHIB Support Levels Put Recovery at Risk
The immediate downside level to watch remained $0.00000529. A sustained hold above this support could help SHIB maintain its rebound, while a break below it would weaken the recovery and bring the previous low near $0.00000510 back into focus.
Further selling could expose the $0.00000500 level, a support region that had attracted trading activity during September. A move toward that price would indicate renewed pressure on SHIB after its attempt to recover from the recent market decline.
Trading volume remains an important factor in assessing the next move. A sustained advance above nearby resistance accompanied by stronger buying activity would offer firmer evidence of recovery, whereas renewed selling below $0.00000529 could increase the risk of another decline.
For now, Shiba Inu remains positioned between immediate support and multiple resistance levels. Its ability to maintain the rebound will depend on whether buyers can defend current support and generate enough volume to overcome the selling pressure overhead.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.